“Noneconomic member” defined. “Noneconomic member” means a member of a limited-liability company who:
1. Does not own a member’s interest in the company;
2. Does not have an obligation to contribute capital to the company;
3. Does not have a right to participate in or receive distributions of profits of the company or an obligation to contribute to the losses of the company; and
4. May have voting rights and other rights and privileges given to noneconomic members of the company by the articles of organization or operating agreement.
Last modified: February 26, 2006